GMA: Sweaters Predict Coming Economic 'Crisis'

By

Paul Detrick

October 17, 2007 - 2:24pm

What determines an economic crisis? According to “Good Morning America,” it’s sweater sales.

ABC’s “GMA” began its October 17 broadcast with a report that might be confused with one of the signs of the Apocalypse—complete with red flags waving as they mentioned each economic problem. One of those was the sweater factor.

“When you give or get practical gifts, stuff that you need instead of the stuff you want for your birthday or holiday. When sweater sales go up, watch out.”

Even though Halloween isn’t even here yet, Golodryga warned, “Take note if a typically festive neighbor suddenly does away with holiday decorations this year. Odds are he’s not out of town, just out of cash.”

According to her report, another red flag is when, “the biggest turkeys and Christmas trees stay unsold while smaller, cheaper trees go.”

“No problem getting a table at the fanciest restaurant in town?” That is another red flag.

Golodryga’s entire report provided woeful warnings about the U.S. economy. “The news is in fact grim, housing prices down and foreclosures up. Oil prices now at sky high levels. It has some economists even talking about a potential recession,” said Golodryga.

“The headlines are scary,” admitted Golodryga. They sure are.

The Business & Media Institute noted previously that the actual performance of the economy has been different from what has been predicted by the media, especially when it comes to recession.

Back in 2006 the Business & Media Institute noted in a Media Myth: The Recession/Depression of 2006: It Never Happened that the Dow was hitting record numbers, jobs were being created and average wages increased, but [1]“the three broadcast networks buried that good news beneath bread line images from the Great Depression or warnings about a possible recession.”

In that study, BMI found that ABC, CBS and NBC referenced the Great Depression or suggested that recession was on the horizon a total of 49 times in 2006. Depression and recession were also mentioned in a historical context 28 more times.

But things right now are not quite so bleak as the media say. The U.S. has seen 49 straight months job growth and unemployment is at a low 4.7 percent. Additionally, the global economy is still [2]strong and the Dow even hit a record [3]high of 14,198.10 on October 11.